Mid-tier gold producer and explorer Gold Road Resources (ASX: GOR) has announced a 29 per cent increase in the measured and indicated resource at the Gruyere gold mine, 1000km north-east of Perth, to underscore the new Tier 1 operation’s world-class status.
As a result of drilling completed last year, Gold Road said Gruyere’s measured and indicated resource had been increased by 1.23 million ounces to 6.1 million ounces. Gruyere’s total mineral resource is now 154 million tonnes at 1.34gpt for 6.6 million ounces.
Gold Road also said that Gruyere, operated in a 50-50 joint venture with Gold Fields, was forecast to produce between 250,000 and 285,000 ounces this year as the ramp-up to the average annual output of 300,000 ounces completes. Gold Road said its half-share of the forecast production was expected to deliver all-in sustaining costs of $1100 to $1200 an ounce.